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RESOLUTION NO. <br /> <br />5311 <br /> <br />BY: Messrs. Brockman~ Brown, Chlnnock, Magnotto, <br /> Salmon <br /> <br />AN EIIER(;ENCY RESOLUTION PROVIDINC FOR TIlE AWARD <br />OF AN ISSUE OF AIR PO1,LUTION EQUIPHENT BONDS <br />OF TUE CITY OF LAKEWOOD IN TIlE AMOUNT OE $800,000, <br />AN ISSUE OF SEWER CONSTRIICTION BONDS (PROJECT ]972) <br />OF SAID CITY IN TIlE AHOUNI' OF $360,000 AND AN ISSUE <br />OF OFF-STREET PARKING GARACE CONSTRUCTION BONDS OF <br />SAID CITY IN THE AMOUNT OF $3,665,000. <br /> <br /> WHEREAS, after notice duly published as required by law, bids have <br />been received for the purchase of $800,000 Air Pollution Equipment Bonds, <br />$340,000 Sewer Construction Bonds (Project 1972) and $3,665,000 Off-Street <br />Parking Garage Construction Bonds of the City of Lakewood, Ohio, which have <br />been duly authorized by Cause,il; and <br /> <br /> ~IEREAS, it has been determined that the bid of The Northern <br /> Trust Company of Chicago, IlJinois for the s~id <br />bonds with a premtum of $~~_1~z__67__' and to bear interest at the rate of <br />Five and f~ve-ei~hths per centum (5-5/8 %) per anuum <br />is the highest bid based upon the lowest rate of interest received for said <br />bonds; <br /> <br /> NOW, TltEREFORE, BE IT RESOLVED by the Council of the Uity of Lakewood, <br />County of Cuyahoga, State of Ohio: <br /> <br /> Sectiun 1. That the aforesaid Air Pollution Equipment Bonds, Sewer <br />Construct'~on Bosds (Pro}ect 1972) and Off-Street Parking Garage Censtruction <br />Bonds in the aggregate amount of $4,805,000, bearing the terms and maturities <br />as provided in tbe respective ordinances author[zlng said bonds, are hereby <br />awarded and sold to The Northern Trust Company <br />bearing interest at ~]~e r~--~J'g~--'~[{~--~J~¥'~J~'~7~ per centum, <br />with a premium of $~!~z~f_____' <br /> <br /> Seethes 2. That the Director of Fleance Mm11 be and [s hereby autho- <br />rized and directed to cause said bonds to be printed fortbwitb and thereupon <br />have the same executed and delivered together with a trne transcript of the pro- <br />ceedings autberJz~ng said bonds to the aforesaid purchaser upon payment of the <br />par value thereof, plus the aforesaid premium, and accrned interest to the date <br />of delivery. <br /> <br /> Section 3. That the Director of Ffnaace is hereby authorized and <br />directed to certify a copy of this resolution to the Auditor of Cuyahoga <br />County, Ohio, according to law. <br /> <br /> Section 4. That it is hereby found and determined that all formal <br />actions of this Council. concerning and relating to the adopt~en of this reso- <br />lution were adopted Jn an open meeting of this Council, and that all delibera- <br />tions of this Council and uf any of ~ts committees that resulted in sncb formal <br />action, were in meetings open to tbe pub].ic, in cnmpliance with all legal re- <br />quirements including Sectlon 121.22 of the Ohio Revised Code. <br /> <br /> Section 5. Tliis resolution is hereby declared to be ~n emergency <br />measure necessary for the ironed:Late preservation of the public peace, health <br />aud safety, and for the further reoson thnt the immedinte effeetlveness of this <br />resolution is necessary to permit the t~mely delivery oF these bonds; wherefore, <br />this resoiutien shall he in full force and effect from nod immediately after its <br />adoption and approval by the Mayor. <br /> <br /> ,1978 k._ '~ . .%x ~ <br /> <br /> Clerk~ Council <br /> <br /> <br />